AINS 21 Glossary

AINS 21 Glossary | 286 Questions with 100 % correct answers | Verified& Updated 2024 Graded A+ loss exposure - any condition or situation that presents the possibility of a loss law of large numbers - a mathematical principle stating that as the number of similar but independent exposure units increases, the relative accuracy of predictions about future outcomes (losses) based on these exposure units also increases exposure unit - a measure of the loss exposure assumed by the insurer, used in pricing insurance property loss exposure - any condition or situation that presents the possibility that a property loss will happen real property - land, buildings, and other structures attached to the land or embedded in it personal property - all tangible or intangible property that is not real property net income - revenue minus expenses and taxes during a given time period net income loss - an indirect loss caused by a reduction in revenue, an increase in expenses, or both during a given time period liability loss exposure - any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party liability loss - a claim for monetary damages because of injury to another party or damage to another party's property personal loss exposure - any condition or situation that presents the possibility of a financial loss to an individual or a family by such causes as death, sickness, injury, or unemployment personnel loss exposure - any condition or situation that presents the possibility of a financial loss to a business because of the death, disability, retirement, or resignation of key employees indemnify - to restore a party who has sustained a loss to the same financial position that party held before the loss occurred fire and allied line insurance - insurance that covers direct damage to or loss of insured property business income insurance (business interruption insurance) - insurance that covers the loss of net income or additional expenses incurred by a business as the result of a covered loss to its propert